Central Petroleum Limited Stock Market Press Releases and Company Profile
Northern Territory Interconnect
Northern Territory Interconnect

Brisbane, Oct 15, 2014 AEST (ABN Newswire) - Central Petroleum Ltd (googlechartASX:CTP) (googlechartCPTLF:OTCMKTS) ("Central" or "Company") welcomes the recent Council of Australian Governments (COAG) announcement which states:

"COAG supported the work being undertaken by the Northern Territory to establish a competitive process for the private sector to bring forward proposals for the construction and operation of a pipeline to connect the Northern and Eastern Gas Markets. COAG agreed that connecting these gas markets is the next step to develop a national gas grid and will contribute to the development of a more national and competitive domestic gas market, helping to improve supply security".

Central is an established conventional gas producer in the Amadeus Basin (centred around Alice Springs) and the largest holder of gas prone exploration acreage in this established but under-explored Basin. It recently announced plans to prove up 200PJ of conventional gas, a condition precedent of which was the establishment of sufficient markets.

As a result of the COAG announcement, Central has lost no time and has already entered into exploratory discussions with potential purchasers to supply 10-15PJ pa from late 2017 to early 2018 into the Eastern Market aiming to have this commitment in an announceable form by the time of the next COAG meeting expected to be in early December. These commitments should underwrite a major reserve upgrade programme, work on which has already commenced.

"When it became increasingly apparent that a general softening of commodity prices was imminent, late last year Central endeavored to position itself to take advantage of the firming of the domestic gas prices. The journey began with the acquisition of Magellan's conventional gas assets and will be completed by the time the Northern Territory gas pipeline is awarded to the successful tenderer. It is always rewarding when the national interest and shareholder interests intersect" said Richard Cottee, Managing Director.

About Central Petroleum Limited

Central Petroleum LimitedCentral Petroleum Limited (ASX:CTP) is a well-established, and emerging ASX-listed Australian oil and gas producer. In our short history, Central has grown to become the largest onshore gas producer in the Northern Territory (NT), supplying industrial customers and senior gas distributors in NT and the wider Australian east coast market.

Central is positioned to become a significant domestic energy supplier, with exploration and development plans across 180,000 km2 of tenements in Queensland and the Northern Territory, including some of Australia's largest known onshore conventional gas prospects. Central has also completed an MoU with Australian Gas Infrastructure Group (AGIG) to progress the proposed Amadeus to Moomba Gas Pipeline to a Final Investment Decision.

We are also seeking to develop the Range gas project, a new gas field located among proven CSG fields in the Surat Basin, Queensland with 135 PJ (net to Central) of development-pending 2C contingent resource.

abnnewswire.com 


Contact

Investor and Media Inquiries:
Greg Bourke: +61-478-318-702
Sarah Morgan: +61-421-664-969



ABN Newswire
ABN Newswire This Page Viewed:  (Last 7 Days: 5) (Last 30 Days: 21) (Since Published: 2504)